TORONTO, March 4 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV: ICP) announced today that the Company has contracted Upstream Resources LLC of Falls Church, Virginia, a provider of resource development services, to provide expertise in polyhalite exploration, resource evaluation, and processing. Upstream will also provide consulting in the market development of sulphate of potash ("SOP"). It is the objective of ICP to use polyhalite from its flagship Ochoa property in New Mexico to produce SOP, a premium priced potash that sells at premiums of 30% to 50% over the price of sylvite, which is the standard potash mined by the large potash corporations.
The principal of Upstream Resources, Patrick Okita, Ph.D., is an internationally recognized economic geologist. Dr. Okita has held senior technical and management positions with BHP Minerals (now BHP Billiton plc) and the U.S. Geological Survey. He has also conducted exploration and evaluation work in respect of more than 25 industrial mineral, base metal, and energy commodities in Africa, North and South America, Asia, Australia, and the Middle East. Dr. Okita's areas of expertise include potash and polyhalite. Upstream Resources will report to Chief Operating Officer, Randy Foote. Dr. Okita holds a B.S. in Geology and Biology with Honors from the University of Rochester, an M.S. in Geology from Louisiana State University, and a Ph.D. in Geology from the University of Cincinnati. Dr. Okita was a postdoctoral fellow with the National Research Council and has authored numerous journal articles and proprietary reports.
ICP will begin its Phase II exploration program in the next quarter. The program will provide further resource delineation and provide information required to determine the optimal mine location. The Phase II program will also provide a bulk sample of polyhalite ore for further process optimization testing. Process testing procedures are being established as part of an independent study currently under way to review the engineering and cost aspects of processing polyhalite into SOP. As described in the press release of February 25, 2010, this study is being prepared by Gustavson Associates, LLC of Denver, Colorado, Chemfelt Engineering of Carlsbad, New Mexico, Mr. James Waters MET, MBA, PE, of Carlsbad, New Mexico.
About IC Potash Corp
ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash ("SOP"). SOP is premium priced potash that generally sells at premiums of 30% to 50% over the price of to sylvite or Muriate of Potash ("MOP"). Currently MOP sells in the range of $375 per tonne, in international markets compared to SOP, that sells in the range of $500 per tonne in international markets.
The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer for agricultural products such as fruits, vegetables, tobacco, potatoes, and horticultural plants. SOP has low "salinity" compared to MOP, and therefore is also used in various saline soils in the world, which are found for example in China, India, the Mediterranean, and the United States. Polyhalite may also be developed as a slow release multi-nutrient fertilizer which contains the plant macronutrients Potassium, Sulphate, Magnesium and Calcium.
ICP's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. All reclamation plans, environmental plans, and archeological work have been approved by BLM. The Company is currently conducting a Phase I drill program, which commenced in November, described in the press release of Trigon Uranium Corp., December 8, 2009, and which is available at www.intercontinentalpoash.com . ICP carries out all activities through its wholly owned subsidiary, Intercontinental Potash Corp.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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SOURCE IC Potash Corp.
For further information: For further information: please visit www.intercontinentalpotash.com or contact: Investor Relations, Joanna Longo, Vice President, The Equicom Group, (416) 815-0700 ext. 233, firstname.lastname@example.org